Member Info for Shedulike

Yes an interesting detail CHRI5P, suggests that the last round of confirmatory and infill drilling was to attain a MLA level of certainty in the current block model. Perhaps at long last they are ready to go deeper and to the east, as we know the licence itself is way bigger than the current indicated area.

There is absolutely nothing confusing about 100% ownership of a subsidiary, nothing whatsoever. If it helps the wilfully confused (which I doubt) look at Denarius' announcements which state that their definitive agreement is with EUROPA METALS not EMI, why? Because EUZ is the ultimate holding company which owns their Spanish subsidiary. In addition this has not been ignored by investors. On the 'agreement' investors came in at a premium to the SP at 4.5p less than 12 months ago with 57% of the uptake being new blood. I'm clearly not arguing that everything is fab, the SP is dire, I really thought MC's performance today was on the wrong side of lacklustre and I hadn't anticipated more drilling before the new PEA but let's argue the odds around the facts of the situation not blatant obscurification of the 'Agreement'.

Sorry CJ hadn't seen that while typing, bit of duplication there. One thing new I think MC did let slip is that the LOM has moved from 12 to 15 years probably on the back of the last campaign.

Big milestone today indeed. The group structure is incredibly simple so I don't really see the need for confusion. EUZ is the ultimate holding company which owns 100% of EMI which 100% owns Toral. Looking to the future it is for each individual investor to consider what owning 49% of Toral with a MLA, new PEA and enlarged resource will be worth and if Denarius take Option 2 what 20% of Toral will be worth with a PFS. A starting point might be considering that Bara attributed a US$156m NPV to the project in 2020 with a smaller resource, no metallurgy, unfinished geo and incomplete hydrology. It is also hardly unusual for any exploration project to have uncertain future valuations, what drilling operation can ever be certain of the grade and scale of what it is going to find? If you knew you wouldn't need to do it, obviously.

I have to agree re. timelines. As it was previously planned that KRT-45 would be drilled before WR34 it must have been a margin call to alter the order. If we now face the usual interminable wait to hear that civil works have started on he next PI well I will be hugely deflated, that's before we even mention the long awaited 'parallel op's', that concept is proving more elusive than Tantalus' fruit.

Maybe HY Report before Q3 update looking at last year Heps?

Feels a bit like everyone who is prepared to take a chance on results not being good has taken a position / topped up. Any more cautious watchers perhaps only have to look at the mcap and think they can sit back and wait. Really it's so low that in the event of good results would paying 1.75-3p be bad value when the top end still values us around only £20m with untapped assets making this a hugely scaleable business? Still, I admit I don't think good results alone will help us breach this range (unless something unprecedented occurs), BLOE need to effectively communicate how they will launch off WR34 (assuming success). If we simply get a good well and news that civil works are underway elsewhere with nothing or even vague nods to the wider strategy then they risk a good RNS falling flat IMO. TMS Reach comments seem to suggest something better, let's see.

No probs Burnbank completely respect your opinion on that I just think (assuming we have a good source) Rustavi's brother is actually being quite discreet saying nothing is known about the result. I'm sure the mood music gets round the site. You're right to be sceptical but I don't see anything in the posts designed to be price moving so just take it as a bit of (hopefully genuine) local colour. As Chesh said we know it's green - hopefully green for gusher! If it turns out to beige I'm blocking Rustavi.

I don't think so Burnbank just a little example of observational citizen journalism that you can choose to believe or not. To be honest I have read stuff on here (not today) which comes perilously close to libelling PH. I think that would more likely pique the interest of the CEO rather than a local commenting on a Christmas Tree installation that is almost certainly visible from a public road. Like I said judging the veracity of the information is a personal choice.

Possibly, but I think the 'bury bad news' on negative Friday is generally thing of the past. Think of brokers not leaving the pub after lunch and retired colonels spluttering cornflakes over their Sat morning FT having missed Friday's bad news on Ceefax. Okay perhaps not everything changes :) but the best you could do is issue an after hours RNS and defer the carnage to Monday.

Ah nearer the top than expected............

General disclosure of price sensitive information

11. An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities. By way of example, this may include matters concerning a change in:

— its financial condition;

— its sphere of activity;

— the performance of its business; or

— its expectation of its performance.

Yeah what's the wording on releasing price sensitive news? Is it in a "Timely manner" which gives some wriggle room, not sure if I read that in the AIM rules or whether it's an 'accepted wisdom' of the LSE board though (which could mean anything), will have a dig when I can unless someone else beats me to it. It's a right riveting read.... https://docs.londonstockexchange.com/sites/default/files/documents/AIM%20Rules%20for%20Companies%20%2801012021%29_1.pdf

Thanks Rustavi - isn't that to help control production?

If you see a ready mix lorry turn up break it to us gently.

With regards the CEO BigB I think judgement should be suspended until firstly we know for certain that we have a commercial well and secondly what the plan is going forward. In the op's success case I will only feel inspired by BLOE if I see evidence that improved revenues will give them the freedom to make a parallel operations a reality and perhaps some evidence that the geothermic is not just lip service or even box ticking but a strategy to make BLOE more investible to funds leaving pure O&G plays, the big picture, a long play. In the near term it's all about the O&G and that's what I invested in obviously. Going back to the CEO I guess what we all want see is P1 revenues invested in growing the company for shareholders rather than being an opportunity to enrich the Exec's. They all have plenty of shares so I hope they recognise the big bucks are in aligning themselves with shareholders not milking the company. A small gesture would be the Directors waiving their early repayment fees on the loans which should be repayable if we have production at WR34, not holding my breath though.

To be fair the history of P1 has shown that even though it's the same technical concept they've all unfolded differently. Initial results have been misleading in a bad way in the past and more recently giving the SP an unwarranted knock at WR-B01Za. The TMS Reach article does a suggest that an Op's focused article will follow hard on results and I wonder if to fully launch the strategy we need a steady performer with WR34 so certainty required first. Hard I know as we're all desperate to hear about the next steps asap.

As Heps pointed out a week or two ago JKT-01Z results came quite quickly. I think initial rates were announced after just a couple of weeks. WR-B01Za took quite a while before we knew we had a good earner but perhaps that reflected the well bore issues during drilling. On thing for sure after past mistakes in 2019 I don't expect them to start shouting about prod rates until they're certain.

Oldlogger I was of the mind that something hugely unexpected was unlikely for the reasons you listed. In other words the history of the field has given us a reasonable level of certainly that we'll get commercial wells with modern techniques but we're unlikely to knock the ball out of the park given the historic draining of the field. However I had missed the line about this part of the reservoir being untouched, was that in an RNS or the Krtanisi CPR? If we can get decent production plus book an unproven part of the reservoir into our reserves could our value get a leg up on two fronts?

Pretty much agree with that Heps, feels a bit like BLOE are setting the stage for WR34 results, not something we've seen recently. As others have have mentioned part II of the TMS coverage does suggest some developments of the wider strategy at long last. Still as someone invested I'm probably guilty of optimism bias and I am wondering why we're not seeing more interest in the market. Perhaps a lot of wounded investors following the regional destabilisation though I admire the way TMS addressed that head on, I do wonder if geopolitics combined with O&G being an out of vogue sector means that even with good results there will be sellers and it won't be hard to buy for anyone favouring the risk reward.

Thanks Hep's that looks likely to me. Next thing would be for anyone with live images to see if owt's happening.